What is ofx
OFX.com is a competitive transfer rates tool for online sellers in the international market. It makes markets in every currency accessible. If you’re an E-commerce merchant, the world’s markets are at your feet. In the most efficient and cost-effective way. With this tool, an E-commerce merchant can do the following:
- Get paid in local currency depending on the region where the sale takes place. That means USD for USA, GBP in UK, Euro from the EU and the Canadian Dollar from Canada.
- Keep balances in various regions in local currency.
- Bring home the profits at a rate of 1% which is cheaper than 3 or 4%. One must pay that channels such as regular banks, Amazon or PayPal.
- Make local payments in local currencies. Payments like local taxes or payments to suppliers or vendors.
So, basically, OFX global money transfers is an on and offline transfer service with great exchange rates
OFX Financial Services’ Features
OFX transfers money to most countries in the world. Using OFX will save you both time and money. OFX works for you whether you are a small or a medium business. Or any size of business.
Pay suppliers directly
Use existing balances to pay your vendors, suppliers or taxes directly from your account.
Opening an account is simple and the users can start transferring after they are approved by OFX’s compliance team. Transfers take very little time. Just one or two days.
Superior Exchange Rates
With OFX the rate is the best possible and the rate is the lowest possible. You can beat the bank rates for sure with OFX.
Same currency payments
Make same currency payments (eg. GBP to GBP) for a small percent of the transfer.
Dashboard views for multiple accounts
View and manage all of your local currency accounts in a single place, regardless of where your product is selling.
Compatible with multiple marketplaces
OFX can be integrated on:
- Rue du Commerce
Global currency account
OFX offers a Global Currency Account. The Global Currency account is a local currency account that will let you
- sell products on your website or in international markets
- sell using multiple currencies and collect payments in local currency (the money is automatically converted into the sellers home currency and transferred)
- pay locally due amounts in local currency
As mentioned, it’s an account which allows E-commerce merchants to trade internationally. They can sell in different areas of the globe. The E-commerce merchants are enabled to sell and receive payment in local currency.
The account holder can see all their account details from one central dashboard. They can see the details of each currency amount they have. In each currency area where the account holder sells, the amount is held in local currency in a bank account.
There, if it’s not automatically transferred, it’s held to await further instructions. This currency may be used for local payments such as taxes or , it other matters. Otherwise, it may wait until the account holder orders it.
The OFX customer attention team will help you 24 hours a day
Actually, OFX’s fees are really simple:
- $0 for opening a seller account
- $0 to expand to new markets with additional accounts
- $0 for the monthly 24/7 maintenance
- 1.5% or less above the daily market exchange rate to transfer foreign currencies into your domestic bank account (depending on the amount transferred)
I’ve used other similar services like Transferwise, Currencyfair or QFX and OFX this one is faster than the average.
Ok, it hasn’t the best exchange rates (Transferwise is cheaper) but, mate, timing is everything when you need the money so, for me, speed is key and mandatory, and OFX is faster.
Frequent users tend to agree that OFX is as safe as the bank. It’s probably even safer. It’s one of the most regulated financial companies in the world. This is owing to the fact that it has a network of international offices. It has a presence in the USA, UK, Canada, Australia and New Zealand.
It is subject to the regulations of each and every one of these countries and each different state of the USA. This makes it one of the most regulated financial companies worldwide. Because of this, you can be quite sure that your money is in safe hands.
When it comes to safety, OFX gets the thumbs up
Regarding costs, OFX has you covered. Because of its strong international network, OFX offers cost-effective services to international customers. It usually offers a better exchange rate than the standard or interbank rate.
As a money transfer specialist, it’s cheaper than traditional banks. There are different rates depending on the country from which the transfer is going. It is also worth bearing in mind that OFX is much cheaper for sending larger amounts of money.
It tends to waive fees in the case of larger amounts, depending on the country. Also, depending on the bank to which the transfer is going, there may be extra fees. OFX won’t get any of those fees.
Speed is one of the most vital features of money transfer companies. OFX tends to advise the user to expect two days. It’s actually true that 80% of all transfers through this company go through within 24 hours. But it is better to prepare for two full days for the transfer to be completed.
It has been reported that sometimes transfers took longer than that, but these are definitely in the minority. Overall, personal experience of this tool is positive. The service is available 24/7 and it offers a mobile app for convenient tracking.
What’s not to like? If this service is available in your area, it’s well worth using. The Global Currency account is an invaluable tool for E-commerce merchants. It makes the international market possible for an E-commerce entrepreneur.
- Number of features
- Learning curve
- User friendly
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